Modern Land attracts yield hunters with 12.75% bond

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By Isabella Zhong, Virginia Furness
31 Jul 2014

Hong Kong listed Modern Land China brought a five year non call three deal to the dollar market on July 24, attracting investors with a double digit coupon.

Joint global co-ordinators Credit Suisse and Goldman Sachs announced initial guidance at the 13% area. Books were at $275m when dealers tightened final guidance to 13% that evening. The B2/B rated borrower printed a $125m bond paying 12.75%.

Modern Land has an outstanding $150m ...

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